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Financial & Banking
BNR: Quarterly benchmark index for loans granted to consumers, increased to 5.98pct per year
Monday, April 3, 2023
The benchmark index for loans granted to consumers (IRCC) regulated by Government's Emergency Ordinance (OUG) No.19/2019 stands at 5.98pct per year, increasing compared to the one published three months ago, of 5.71pct per year, according to the data published by the National Bank of Romania (BNR) on Friday.The index is calculated as the arithmetic average of the daily interest rates of interbank transactions from the fourth quarter of 2022.According ...
Fitch revises outlook on Romania's BCR, BRD to stable
Monday, April 3, 2023
On Thursday, Fitch Ratings revised its Outlooks on Banca Comerciala Romana S.A.'s (BCR) and BRD-Groupe Societe Generale S.A.'s (BRD) Long-Term Issuer Default Ratings (IDRs) to Stable from Negative and affirmed the IDRs at 'BBB+' according to a Fitch Ratings press release.The rating actions follow the revision of the Outlook on the Romanian sovereign rating to Stable.The affirmation of BCR's and BRD's IDRs and Shareholder Support Ratings (SSRs) ...
Fitch downgrades Euroins Romania to 'CC'
Monday, April 3, 2023
Fitch Ratings has downgraded Euroins Romania Asigurare-Reasigurare S.A.'s (Euroins Romania) Insurer Financial Strength Rating (IFS) to 'CC' from 'B+' and placed it on Rating Watch Evolving (RWE).At the same time, the agency has placed the remaining IFS ratings of the Euroins Insurance Group (EIG), Insurance Company Euroins AD (Euroins Bulgaria) and Insurance Company EIG Re AD (EIG Re), on Rating Watch Negative (RWN)The rating actions follow the ...
Eurohold: Claim payments to be resumed in lieu of Guarantee Fund if ASF renounces revocation of Euroins license
Monday, April 3, 2023
EIG Re and all other reinsurer groups will immediately renew the reinsurance contracts and resume the payments for all current and future claims in lieu of the Guarantee Fund if the Financial Supervisory Authority (ASF) renounces the revocation of the Euroins license, Eurohold Bulgaria representatives say in a press release sent on Thursday."Two weeks after the abusive revocation of the Euroins Romania license, the compulsory car insurance market is in ...
Mastercard and BRD launch exclusive experiences for Premium card holders in Romania
Monday, April 3, 2023
Mastercard and BRD announce the launch of a collection of experiences and benefits from categories such as art and culture, sports, gastronomy, entertainment, travel or shopping, dedicated exclusively to Mastercard BRD Premium cardholders: Noir (World Elite), Platinum or Gold available through the ...
OMRO IFN, the first microfinancing institution in Romania to partner with BNP Paribas
Monday, April 3, 2023
OMRO IFN, the company that supports small Romanian entrepreneurs, partners with BNP Paribas, marking the first ...
The Export Import Bank Of Romania – EximBank SA Becomes Exim Banca Romaneasca SA
Monday, April 3, 2023
The Export Import Bank of Romania – EximBank SA will become Exim Banca Romaneasca starting May 10th, 2023, a change in its name and logo approved today by the Extraordinary General Meeting ...
The NCMO meeting of 23 March 2023
Monday, March 27, 2023
The first meeting in 2023 of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 23 March 2023. The NCMO was established by virtue of Law No. 12/2017 on the macroprudential oversight of the national financial system, thus ensuring that Recommendation of the European Systemic Risk Board (ESRB) No. 3/2011 on the macroprudential mandate of ...
Monetary indicators - February 2023
Monday, March 27, 2023
At end-February 2023, broad money (M3) amounted to RON 612,242.3 million, up 1.4 percent (0.4 percent in real terms month on month. In year-on-year comparison, broad money rose by 7.3 percent (down 7.1 percent in real ...
President Iohannis: At this moment, Romania does not yet meet the criteria to join Eurozone
Monday, March 27, 2023
President Klaus Iohannis stated on Thursday that, at this moment, Romania doesn't yet meet the criteria regarding the accession to the Eurozone, underscoring that is is not realistic for our country to set a deadline for it."When we have overlapping crises, the energy crisis, we have major problems with European industry, we are seeking solutions for European competitiveness, we have high inflation, it is quite complicated to give a deadline. I don't think it is ...
CEC Bank and EximBank finance Toneli Holding
Monday, March 27, 2023
CEC Bank granted a financing of about 40 million RON to the Toneli Holding SA company, part of the Toneli Group, the largest egg producer in Romania, according to a press release from the bank.The financing benefits from a guarantee granted by EximBank within the state aid scheme in the context of the economic crisis generated by Russia's aggression against Ukraine.According to the general director of the Toneli group of companies, Toni Khoury, ...
iBanFirst targets more than €1bn in international payments from Romanian companies in 2023
Monday, March 27, 2023
In 2022, the company made €700 million worth of international payments for Romanian clients, representing a 300% increase compared to 2021, the first year of activity on the local market. The main foreign trade partners of Romanian companies are from the EU, China and Turkey. With 70% year-to-year international growth, iBanFirst has been included for the ...
Eurohold: Euroins has enough assets to make payments in the next three weeks
Monday, March 27, 2023
The Euroins company is fully covered and has enough assets to continue making payments in the next three weeks even if it has no income, said Monday, in a press conference, the chairman of Eurohold, Assen Hristov."The value of the remaining assets in the company is approximately 300 million RON as of March 17 and we have 120 million RON in claims from the Guarantee Fund to recover. We also have almost 30 million RON in real estate, another 30 ...
tbi bank partners with Inter Broker to help Romanians buy any type of insurance, including RCA
Monday, March 27, 2023
Romanians continue to be vulnerable to unforeseen events that can affect their way of living but show increasing interest in ensuring better protection against risks, although the cost of insurance has risen over the past year. In this context, tbi bank has partnered with Inter Broker de Asigurare to allow Romanians to buy insurance products of any kind through the Buy Now, Pay Later (BNPL) solution in 4 interest-free installments or longer periods with accessible interest ...
Net assets of investment funds up 0.67pct in January, to 15 billion RON
Monday, March 27, 2023
The net assets of the funds opened by local investments stood at a value of approximately 15 billion RON in January 2023, increasing by 0.67pct compared to the previous month, according to a report of the the Financial Supervisory Authority (ASF).At end-January 2023, the net assets related to all categories of open investment funds increased compared to the previous month (with the exception of the "other funds" category).Thus, open-end bond ...
Romanian Inflation Returns Wages to January 2022 Levels
Monday, March 27, 2023
As of January 2023, Romanian nominal wages rose by 15% on year-over-year growth to RON 4,265. It took a while for the nominal wages to rise to match the increasing inflation rates. During this same month, it was noted that inflation rose by a 15.1% year-over-year growth whereas now they match the wage rates from that of January 2022. Log on ...
Eurohold’s Reinsurance Unit EIG Re will keep and protect the assets of Euroins Romania
Monday, March 20, 2023
With reference to the decision of the Romanian financial regulator ASF to seize the Euroins Romania (part of Eurohold Bulgaria’s insurance Euroins Insurance Group) by revoking the operating license and the opening of bankruptcy proceedings and the appointment of the Insured Guarantee Fund (FGA) as interim administrator of the company, we consider this as a hostile takeover of the assets of the Romanian subsidiary, therefore the management of the ...
Euroins Romania asks insurance law be put on Parliament agenda
Monday, March 20, 2023
Euroins Romania publicly asks the Speaker of the Chamber of Deputies, Marcel Ciolacu, and the interim President of the Senate, Alina Gorghiu, to request, by nature of their prerogatives, that the Romanian Parliament urgently put on the agenda the Insurance Law 132/2017, in order to correct dysfunctions and deficiencies that directly influence the lives of citizens, according to a press release sent on Tuesday.The document mentions that the introduction of ...
Gov't to consider necessary measures to protect insured against troubled insurer
Monday, March 20, 2023
The government will support all the necessary measures to protect the interests of the insured affected by the negative developments in Romania's auto civil liability market, governmental spokesman Dan Carbunaru said on Friday."The Financial Oversight Authority (ASF), following an analysis carried out by it, will send solution proposals to the Ministry of Finance for submission to the government," Carbunaru saidThe ASF Council has decided to ...
Romania wants to push euro adoption by 2026
Monday, March 20, 2023
Romania’s government is looking to adopt the euro by 2026, far earlier than the current plan to join the euro area by 2029, announced Finance Minister Adrian Caciu, adding that for this to happen the National Recovery and Resilience Plan (NRRP) must be fully implemented. While Romania could adopt the euro in 2029 at the earliest, Caciu wants the ...